William Hare Group sees slip in profits

Accounts for the Bury-headquartered structural steel engineering group for the year to 31 December 2022 show EBITDA of £3.4 million compared to £1.9 million in FY2021, representing a margin of 1.4%. 

And while the Group’s cash position and net assets value had improved, profits were down on the previous financial year.  

“Alongside the healthy order book, the Group continues to have a strong balance sheet, and has substantial headroom against banking and insurance guarantee facilities. The directors believe this places the Group in a strong position to endure current and any future market conditions and to capitalise on future market opportunities,” the Group said at the time.  

Highlights 

• Turnover: £248.3 million (FY2021: £239.5 million) 
• Gross profit: £22.9 million (FY2021: £20.9 million) 
• Operating loss: £592,000 (FY2021: £2.1 million) 
• Loss before tax: £853,000 (FY2021: £2.2 million) 
• Loss for the year: £835,000 (FY2021: £1.7 million) 

Total income for FY2022 was reported at £934,000, compared to a £1.5 million loss in the previous year.  

Cash (at the bank and in hand) was reported at £20 million (FY2021: £18.9 million). 

Net assets and shareholder funds were valued at £54.5 million, compared to £53.6 million in 2021. 

Staff headcount was stable at 1,771.  

“The long-term business strategy involves the recognition that operations have an effect on the local, regional ang global environments. The directors and management are committed to continuous improvements in environmental performance and the preservation of waste and pollution at all levels of the business,” said the Group of its future.  

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